Core Viewpoint - The article emphasizes the importance of protecting investments, particularly in the Mining and Real Estate sectors, while also highlighting the author's personal investment outlook and interests [1]. Group 1 - The author works on the buy-side in Fixed Income and engages with investment analysis during spare time [1]. - There is a specific focus on the Mining and Real Estate sectors as areas of interest for investment opportunities [1]. Group 2 - The article does not provide any stock, option, or derivative positions in the companies mentioned, indicating a potential future interest in SCZMF [2]. - The author expresses personal opinions and clarifies that no compensation is received for the article, ensuring independence in the analysis [2].

Core Insights - Silver prices are experiencing a significant rally, reaching new highs of $58.58 an ounce, with year-to-date gains nearing 100% [1] - The tightening global supply of silver, particularly due to recent flows into London's market, is contributing to higher prices and borrowing costs [1] - A potential interest rate cut by the Federal Reserve could further boost silver as a safe haven asset [1] Silver Market Dynamics - The current winter season is favorable for silver prices, with strong performance noted at the beginning of December [1] - The supply constraints in markets like Shanghai are exacerbating the tight supply situation [1] Investment Opportunities - Investors can capitalize on the silver rally through ETFs, such as the Sprott Physical Silver Trust (PSLV), which has seen a year-to-date NAV increase of 66.69% as of October 31, 2025 [1] - The Sprott Silver Miners & Physical Silver ETF (SLVR) offers exposure to both physical silver and the mining industry, with a NAV increase of 46.10% over the last three months as of November 30, 2025 [1]

Core Viewpoint - The silver market is experiencing a significant structural deficit, driven by increased demand from industrial applications and a lack of supply, which could lead to substantial price increases in the near future [6][16][17] Group 1: Market Dynamics - The gold/silver ratio is currently around 80:1, while natural production is approximately 7:1, indicating a potential for silver to catch up to gold in value [1] - China has become the dominant force in global silver demand, aggressively accumulating silver to support its manufacturing sector [2] - Chinese silver exports reached a record high of 660 tons in October 2025, contributing to a significant drawdown of domestic stockpiles [3] Group 2: Supply Constraints - The silver market has been in a structural deficit for five consecutive years, with a cumulative shortfall nearing 800 million ounces, almost equivalent to a full year of global mine output [6] - Approximately 75% of silver supply is a by-product of mining other metals, making it difficult to increase silver production quickly [7] - Physical market tightness is evident, with London lease rates surging to 20-35% annually, and LBMA inventories potentially depleting within months if demand continues [8] Group 3: Industrial Demand - Over 60% of global silver consumption is now from industrial use, with clean energy being a major growth driver [10] - Solar production consumed about 6,577 tons of silver in 2024, representing around 19% of total demand, with projections suggesting annual solar demand could reach 14,000 tons by 2030 [11] - Electric vehicles require significantly more silver than traditional vehicles, potentially tripling automotive silver consumption by 2030 [12] Group 4: Price Forecasts - Analysts are increasingly bullish on silver prices, with projections suggesting it could reach $100 per ounce due to persistent deficits [9] - Bank of America forecasts silver could hit $65 per ounce by 2026, while other analysts suggest prices could soar to $200-$400 per ounce if supply-demand dynamics shift dramatically [14][15] Group 5: Investment Opportunity - Silver is positioned as a compelling investment opportunity due to its dual role as a precious metal and essential industrial input, with a strong fundamental case supporting its value [16][17]

Core Viewpoint - A structural squeeze is occurring in the silver market, potentially leading to significant price increases as the influence of derivatives diminishes [1][2]. Market Dynamics - The relationship between physical silver and derivatives has historically suppressed prices, but this may be changing, leading to increased buying pressure as investors move away from paper assets [2]. - Recent events, such as the COMEX blackout, highlighted a significant volume of stand-for-delivery orders, indicating a potential physical market shortage [3][4]. Physical Market Shortages - There are widespread physical shortages of silver, with COMEX delivery stands this year equivalent to approximately 12,500 tons of silver and 1,200 tons of gold, positioning COMEX as a major source of precious metals [6]. - Shanghai silver stocks have fallen below 600 tons, signaling a severe shortage in the market [6]. Supply Chain Changes - Starting January 1, China will ban the export of silver, removing a key supply source that has historically helped stabilize Western prices, which could lead to unrestrained price increases for silver [7]. ETF Skepticism - There is skepticism regarding exchange-traded funds (ETFs) like iShares Silver Trust, which are viewed as derivatives rather than actual metal, potentially complicating access to the physical market [8]. Market Drivers - Current market movements are primarily driven by industrial demand rather than investor speculation, although sustained price increases may eventually attract investor interest [9].

Core Viewpoint - Silver prices surged above $58 per ounce, reaching a historical high due to shrinking inventories, strong investment demand, and uncertainties on the supply side [1][5]. Group 1: Market Dynamics - The market experienced heightened tension due to a 10-hour system outage at CME Group, attributed to a cooling system failure at a data center in Aurora, Illinois, which temporarily halted trading in metals, currencies, and interest rate futures [1][5]. - Market participants emphasized that the system outage's impact on silver prices is limited, with the real driving force being the tightening structure of the physical silver market [1][5]. - FXGT noted that the tightening situation in the physical market is deepening, particularly as Shanghai Futures Exchange inventories have dropped to their lowest levels in nearly a decade [1][5]. Group 2: Demand and Supply Factors - Data indicates a significant willingness for physical delivery of December COMEX silver contracts, although analysts caution that the rapid changes in delivery notices and registered inventories do not necessarily indicate immediate risk [2][6]. - Industrial demand for silver continues to expand in sectors such as solar energy, power electronics, and energy technology, while investor capital flows are identified as a critical yet often overlooked factor [2][6]. - Silver ETFs have seen a return of net inflows since the end of the year, reversing a trend of outflows throughout most of 2024, with global holdings gradually returning to recent highs [2][6]. Group 3: Future Outlook - Clem Chambers, CEO of Online Blockchain PLC, believes the current upward trend in silver prices is just the beginning, stating, "this is not the end, but the prologue," with a price target potentially reaching $95 [1][7]. - FXGT suggests that the ongoing asymmetric supply-demand dynamics could lay the groundwork for future price shocks if they persist [2][6]. - Chambers expressed a preference for investing in copper, platinum, and crude oil over silver for 2026, citing long-term demand driven by global electrification and data center expansion [7].

Core Viewpoint - Silver One Resources Inc. is advancing its Candelaria project in Nevada directly to a Pre-Feasibility Study (PFS), which is a significant step towards development, while also enhancing its Phoenix Silver project in Arizona, indicating a potentially impactful year ahead in 2026 [2][4]. Candelaria Project - The Candelaria project has an in-ground mineral resource of 108.18 million ounces of silver equivalent in the Measured and Indicated categories and 29.46 million ounces in the Inferred category [3]. - The company is moving towards completing a PFS, which will provide a more detailed and robust evaluation than a Preliminary Economic Assessment (PEA) [4]. - Additional metallurgical testing is planned to optimize gold and silver recoveries, and the heap leach pad resources will be upgraded to Measured and Indicated [4][6]. - Mine planning, production scheduling, and preliminary engineering have been mostly completed, with a resource update of leach pads expected in Q1 2026 [4][7]. Phoenix Silver Project - The Phoenix Silver project is undergoing an Induced Polarization (IP) survey to define copper-silver targets, which has faced delays due to severe weather conditions [8][9]. - The IP survey aims to test two priority porphyry targets in the southern part of the property, which are near significant copper mining operations [9]. - High-grade silver exploration in the 417 area has shown anomalous silver with copper, lead, and zinc values, although extremely high-grade massive silver was not encountered [10][11]. - Ground penetrating radar (GPR) and drone magnetometer surveys are planned to better define silver targets, with potential follow-up gravity surveys if warranted [11][17]. Future Plans - The Pre-Feasibility Study for Candelaria is estimated to be completed in Q2-Q3 2026, with a Plan of Operations scheduled for H2 2026 [16]. - The IP/MT survey at Phoenix Silver is expected to be completed by the end of December 2025, with final interpretations to follow in early 2026 [17].

Core Viewpoint - Endeavour Silver Corp. has announced the pricing of its offering of unsecured convertible senior notes due 2031, aiming to raise US$300 million, potentially increasing to US$350 million if the over-allotment option is fully exercised [1][2]. Summary by Sections Offering Details - The company plans to issue US$300 million in aggregate principal amount of convertible senior notes, with a potential increase to US$350 million if the initial purchasers exercise their option [1]. - The notes will bear a cash interest rate of 0.25% per annum, with an initial conversion rate of 80.2890 common shares per US$1,000 principal amount, translating to an initial conversion price of approximately US$12.4550 per share, representing a 32.5% premium over the current market price [2]. Use of Proceeds - The net proceeds from the offering will be utilized to repay the senior secured debt facility with ING Capital LLC and Societe Generale, to advance the Pitarrilla project in Durango State, Mexico, and for general corporate purposes, including strategic opportunities [1]. Closing Conditions - The offering is expected to close around December 4, 2025, pending customary closing conditions, including approvals from the Toronto Stock Exchange and the New York Stock Exchange [3]. Company Overview - Endeavour Silver is a mid-tier silver producer operating four mines in Mexico and Peru, with a strong pipeline of exploration projects across Mexico, Chile, and the United States, focusing on organic growth and value creation [6].

Core Insights - Vizsla Silver Corp. (NYSEAmerican: VZLA) experienced a significant stock increase of 25.81% week-on-week, driven by rising silver prices and positive sentiment regarding potential interest rate cuts [1][2][3] Company Overview - Vizsla Silver Corp. is a Canada-based mineral exploration and development company, primarily focused on its flagship Panuco silver-gold project located in Sinaloa, Mexico [3] Financial Developments - The company successfully raised $300 million through the issuance of convertible senior notes due in 2031, with a yield rate of 5%. Noteholders can convert $1,000 worth of notes into 171.3062 common shares, translating to an initial conversion price of $5.84 per share [4]

Group 1 - Silver has gained approximately 95% year-to-date, significantly outperforming gold's 60% rise and the broader S&P 500 returns, driven by aggressive industrial demand, shrinking global inventories, and shifts in monetary policy [2] - The iShares Silver Trust (NYSEARCA: SLV) has become the primary vehicle for equity investors to participate in the silver rally, closing around $51 at the end of November [3] - A cooling system failure at a data center caused a ten-hour trading halt on the Comex silver futures market, highlighting the fragility of the global silver market [4] Group 2 - The demand for silver is increasing due to its use in efficient solar technologies and global green energy production, supported by a favorable Federal Reserve and new government designations for critical minerals [4] - During the trading halt, spot prices for silver spiked to a record $56.72 per ounce, indicating a critically short supply of deliverable silver [5] - The disconnect between paper markets and physical markets was highlighted, showing the value of holding assets tied to physical metal, especially when liquidity dries up [6]

Core Viewpoint - Nicola Mining Inc. has commenced receiving high-grade gold and silver millfeed from Blue Lagoon Resources, marking a significant milestone in their partnership and enhancing Nicola's operational capabilities in British Columbia [1][3]. Group 1: Partnership and Financial Commitment - Blue Lagoon has started transporting millfeed to Nicola's mill, which is located near Merritt, British Columbia [1]. - Nicola Mining has committed to providing a non-dilutive line of credit of $2.0 million to support Blue Lagoon's balance sheet [1]. Group 2: Future Plans and Projects - Nicola will provide updates on its 2026 plans in an upcoming Annual Letter to Shareholders, which will include insights into milling expansion and various projects such as Treasure Mountain, Dominion Creek Gold Project, and New Craigmont Project [2]. Group 3: Operational Insights and Sustainability - The CEO of Nicola Mining expressed satisfaction with Blue Lagoon's progress in transitioning the Dome Mountain Gold Mine into a producing mine, emphasizing a shared commitment to sustainability [3]. - Nicola's mill is capable of processing materials from multiple sites, including its own Treasure Mountain Silver Mine and Dominion Creek Gold Project, reinforcing its role as a facilitator for gold and silver projects in the province [3]. Group 4: Company Overview - Nicola Mining Inc. is a junior mining company that owns a fully permitted mill and tailings facility, with plans to reopen its Treasure Mountain Silver Mine and commence production at the Dominion Creek Gold Project in 2026 [7]. - The company also owns the New Craigmont Project, a high-grade copper property covering over 10,800 hectares, adjacent to Canada’s largest copper mine [9].